CLASSES OF NOTES. 2.1.1 This Condition 2.1 is applicable only in relation to any Class of Notes which is specified as being Unsubordinated. 2.1.2 In the case of an Unsubordinated Class of Notes, the Notes and Coupons are secured, limited recourse obligations of the Issuer, secured in the manner described in Condition 3 and recourse in respect of which is limited in the manner described in Condition 10 and will rank pari passu without any preference among themselves.
Appears in 3 contracts
Sources: Security Trust Deed and MTN Cash Management Agreement (Barclaycard Funding PLC), Security Trust Deed and MTN Cash Management Agreement (Barclaycard Funding PLC), Security Trust Deed and MTN Cash Management Agreement (Gracechurch Receivables Trustee LTD)